Major crash today on the TMX stock market, my investment portfolio is suffering

My non registered investment portfolio went to a value of 112 875$ (of previously today) to 112 477$. Here’s the actual numbers:

Margin account money being used: 41 398.61$
Non-registered investment portfolio value: 112 477$
Margin account money being non-used: 20 348.42$

That’s what the numbers are looking like for now. From the 41 398.61$, a 5 000$ had been deposit on a credit line. At anytime, the 5 000$ can go as payment on the margin account, to decrease it to 36 398.61$. Next week, I am waiting for 2 paychecks. I should be receiving a total of 1 000$. That 1 000$ will definitively go on my margin account. It will decrease it close to below 40k.

If I want to, to really decrease my margin account usage, I could sell my holding of TMX Group Inc. (X), cash in a profit and leave the money (close to 5 000$) on the margin account. But it won’t happen that way. I think my portfolio may be able to handle another 200-300 TSX points loss if it have to happen in the next couple days.

Despite today bad market condition, my Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD) and Horizons BetaPro COMEX Silver Bear Plus ETF (HZD) did not gain enough in order for me to sell them at profit, so I didn’t sell them. I left home in middle of the afternoon to enjoy the beautiful weather and I knew anyhow that this Friday was not going to be the day of my selling of HOD an HZD. That it happens now or on a later date is not what really matter. What really matter at this critical point is to be able to remain in control of my margin.

Margin investment is risky. It’s especially is in a bad market condition that I am able to see more of the danger of margin investment now, unfortunately. But there’s nothing I was not aware of. In the previous post, I explain what I will be doing if it happen that the TSX loose more points in the next couple of days. I will be doing what I had explained in that post if I have to. Also at TD, I also have a 1 000$ paid on another credit line type - RRSP loan. I could eventually transfer the money over my margin account in case of extreme necessity. Eventually, I could bring in more than 11 000$ on my margin account, 6 000$ in cash, and the rest in asset. It could eventually become a solution. But the real solution would be to eventually become debt free. Eventually but certainly not for now.

Sexy margin account 911: what to do to protect your asset

The TSX is facing close to the 13 000 points. Can it go any lower? Maybe. I don’t know. But what I do know for sure is that my portfolio is strong enough to go through this. I of course transfer the 5 000$ available of my credit line to my margin account. That bring my margin account usage to 36 000$. Currently, my non-registered portfolio is down to 112 875$.

My portfolio is strong enough to support what’s going on right now, but if the TSX go through another 100-300 points loss, I may at a time received a margin call or – even worst, TD Waterhouse could eventually sell part of my asset without me knowing. Anyhow, I am the one who wanted this and now, my margin is sexier than ever... Sexy like hell.

Some of my assets like BNS, X, PPL, ENF, EIF, SII and a couple other are still doing well. SII is exceeding the 8$ per unit, which is very good. NFI.UN, DGI.UN and a few others are not doing that well. However, I do not regret any of this. What’s going on at this time is a phase in which the market realize what’s going on in Greece and once pass, it will get better. In any way I want to sell my precious asset.

If the situation gets really bad, I could eventually transfer the holding of my TFSA into my non registered account in order to add to the portfolio. But even there, we are only talking of 4 000$. Still, that’s money, and a 4 000$ could add to the value of my margin account.

Transferring asset from the TFSA to the non-registered margin account is an extreme solution. But still, it’s a solution. I don’t plan to precede with the transfer of my TFSA holdings to my margin account unless the situation gets desperate. That meaning a TMX loosing another 200-300 points.

Another option would be to sell what I hold in my US account and transfer the money to the Canadian margin account. At the current time, I only hold Sprott Physical Silver Trust ET (PSLV) in my US broker account. The investment currently worth more than 2 600$ US. I could eventually sell my PSLV units and transfer the US money into my Canadian margin account. This could be another extreme solution. But I wish it won’t go through that point.

The best thing to do at this time is to hold and see what’s going to happen on Monday.

Strong morning opening for Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD) and Horizons BetaPro COMEX Silver Bear Plus ETF (HZD)

Those who tell me I should sell and cash in a capital loss were totally wrong! There will be no capital loss on those 2. The market being so volatile, it’s basically possible to make money out of ETF whose value increase when the stock market value decreases.

Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD) kick in the morning at +3% and Horizons BetaPro COMEX Silver Bear Plus ETF (HZD) at +4%. Currently, HZD is among the top TMX gainers.

But will the gains will be enough to sell at profit? That’s what we are going to see, I am staying in front of my laptop in this beautiful Friday just for that reason. In order to make a profit, I need to sell HOD at +6.65$ per unit and HZD at +7.79$... Crazy. But I will certainly not gamble with my money ever again. My punishment for day trading? Having to stay inside while the day is absolutely beautiful... Seek for yourself... Absolutely perfect summer day.

These days, the stock market is not good at all. My value had decreased of several thousands of dollars. But once the market rebound, I will be doing a lot better. I can handle a non official capital loss as long as my asset remains there in the market, I am safe (more or less). Selling now will be catastrophic and it’s truly not an option. The only 2 things I want to get rid of ASAP are Horizons BetaPro NYMEX Crude Oil Bear Plus ETF (HOD) and Horizons BetaPro COMEX Silver Bear Plus ETF (HZD). If it’s not good for today, I can still wait to sell those 2 at profit. And at profit only.

I had received some hot dividend distribution payment recently: Fortis Inc. (FTS): 31.03$, Group TMX Inc. (X): 40.40$ and Horizons Gold Yield Fund (HGY.UN): 10.84$. No DRIP for those little ones, so for once I was able to “cash the dividend”! The precious cash is greatly needed to pay off the interest own on the margin account money, among other. Extra cash is always welcome.

High quality investment is the key, keep following Derek Foster

Finally, New Flyer Industries Inc. (NFI.UN) closed today session at -5.90%, which is better than the 10% anticipated. I am still holding NFI.UN as well as everything else in my portfolio. I was happy to see First Majestic Silver Corp (FR) going up again. For a little while, FR was around 17$ per stock again and I taught oh no... I can handle the market volatility, but I prefer when things go my way. I cannot command the stock market, but at least, at the end, I know I can get what I want. First Majestic Silver Corp (FR) closed June 9, 2011 session at 18.21$. Not bad at all. I plan to hold this one until I can sell at a very high price.

My silver investment went up again. My Sprott silver investment is absolutely terrific. Both Sprott Physical Silver Trust UTS (PHS.U) and Sprott Physical Silver Trust ET (PSLV) are doing great. My investment in the Sprott Physical Silver Trust UTS (PHS.U) in inside my TFSA. I had invested in some units when the price was at something like 15$. So as long PHS.U do not go below 15$, I will be all good. 

As for my investment in Sprott Physical Silver Trust ET (PSLV), I had made my first investment in it when the unit’s price was at its highest, 22$ US. I invest again in Sprott Physical Silver Trust ET (PSLV) when the units were just a bit more than 16$. So now, a mix of units at 22$ and 16$ equilibrate the whole thing and I don’t regret my last investment in PSLV. It’s actually pretty cool to see my investment growing like that. Silver will gain value again, but at a much slower pace as before.

I had been thinking about it and I find that selling my stocks of Yellow Media Inc. (YLO) was the right thing to do. I reinvested the money in a highly profitable company: Exchange Income Corporation (EIF). Just like YLO, EIF paid a monthly dividend and its chance to grow is better than what it is for YLO. I had been happy with YLO for a while but at a point, YLO was no longer a good fit. A similar situation happens to me with Superior Plus Corp. (SPB). At a point, I could no longer stand the investment in my portfolio. What I had learned from the experience is something I will try to improve myself on: focus on quality holding instead of dividend yield.

Quality holding will grow in value over time and on top of that, quality holding increase their dividend overtime. Despite reading Derek Foster books over and over again, as well as his newsletters, I really needed to experience all this by myself and wake up. Problem being that following Derek Foster strategy is just too easy. The stocks had been picked, everything had been explained. Very very well explains. So there’s no doubt and no failure possible. But that’s it? I mean come on! Well, dividend investment is very easy and keeping it simple is what can become difficult for the long run.

In my case, I did not fail, not yet. It’s just I have a taste for adventure. When your First Majestic Silver Corp (FR) stocks will be kicking the 25$, you’ll thanks me. When you’ll be selling TMX Group Inc. (X) at more than 45$, you’ll thanks me even more. Making money online is difficult, but making money on the stock market can be quite easy and losing money on bad investment like Yellow Media Inc. (YLO) is even easier.

New Flyer Industries Inc. (NFI.UN) is taking a deep plunge on June 9, 2011: -10%

This is not a surprise. New Flyer Industries Inc. (NFI.UN) previously said that 2011 was going to be a challenging year... and I guess their CEO knew what he was talking about. A company like New Flyer Industries Inc. (NFI.UN) is super sensible to the market economy. Their dividend yield has not been yet compromise. While the US experiencing a real slow economic progression, our New Flyer is left with just a few contracts.

Despite it all, I decided to hold New Flyer Industries Inc. (NFI.UN). If our US friends are smart enough to give Barack Obama a second term, we may be able to get out of hell a little bit faster than anticipated. Once the economy will be better, New Flyer Industries Inc. (NFI.UN) business will get better. New Flyer Industries Inc. (NFI.UN) is far of being like one of my previous holding Yellow Media Inc. (YLO) or even Superior Plus Corp (SPB). NFI.UN is a leader in its field and buses are needed for public transportation. It’s a necessity. NFI.UN might be difficult to hold at this time, but it worth the holding, especially now.

When the stock market crash in 2008, it was difficult to imagine the market will ever go up again. Despite everything, the stock market will go up to the 15 000 points (one day) and one day, the worldwide economy will get better. Investing in stocks is ONLY for the long term, and so is New Flyer Industries Inc. (NFI.UN). I will be aside NFI.UN in those difficult time and I will be in the game when the glorious will hit its old 12$ value per stock. It’s all about a matter of having faith or not and I do have faith in New Flyer Industries Inc. (NFI.UN), I trust its executive team.

One day, I will hit the 200k and when it happens, NFI.UN will still be of my portfolio. I am a proud shareholder of New Flyer Industries Inc. (NFI.UN).

No the merger of equals for the Toronto Stock Exchange

Many things on the way. My vacations had been approved, which mean I will be going home for the last 2 weeks of July. This also means I won’t be job searching for a day time job! Yeah! I really didn’t want to begin a job search for various reasons. I am currently busy at monitoring the stock market.

I just received TMX Group Inc. (X) voting package for the merger of equals with the London Stock Exchange Group... I received the big document in French. I will do my best to go through the reading of the documentation. I still have time ahead. But even following the reading of the heavy document, I know I will vote against the merger of equals. I don’t want the Toronto Exchange to be control by foreign authorities. Think about it for a second: Xavier Rolet, a poor French man, will be in control of MY exchange? No way!

TD big boss is against the merger of equals too, by the way. If the merger of equals project succeed, on the first run, Xavier Rolet will be in control of the Toronto exchange, but what about after? What if someone as diabolic as Dominique Strauss-Kahn became the next CEO of the merger of equals? Those are things that Canadians need to have in mind while voting and for those reasons, I will vote against the merger of equals project. Because once the project will be on, Canadians won’t have any power on their exchange. Is it what we want? By their poor leadership, French already ruined the International Monetary Fund (IMF). Is it what we want for our exchange? To become as f up as France is? NO WAY.

NO TO THE MERGER OF EQUALS, NO TO XAVIER ROLET, NO TO FRANCE, NO TO THE LONDON STOCK EXCHANGE GROUP.

I am a shareholder of the TMX Group Inc. (X) and I will be voting NO to absolutely everything proposed in the convocation.

Canfor Pulp Products Inc. (CFX) can be a good replacement to the chaotic Sino-Forest Corp. (TRE)

This has absolutely nothing to do with Sino-Forest Corp. (TRE), but I will always remember what a financial planner working for Manulife Financial once told me about business located in China. That was in 2007, when I invested in segregated funds for my RRSP. Back at the time, I didn’t want to handle any investment risks and despite my young age (I was 27 back than), I decided to invest like a senior, I invested in some Manulife Financial segregates funds, in the following: Maritime Life International Equity Fund (Templeton), Manulife Simplicity Growth Portfolio, Maritime Life CI Harbour Seg Fund, Maritime Life Fidelity True North Seg Fund and Manulife GIF MLIA B World Invest.

We had that conversation after I mention to her that mutual funds invested in Chinese companies that were performing well. At the time, I was closely following a BMO Bank of Montreal mutual fund: the BMO Greater China Class. The fund was performing extremely well and I was impressed by the BMO Greater China Class.

Following what, the financial planner told me that it was because in China, the regulations were not the same when it comes to financial statements and that there was a lot of business fraud in China. Also, all investments made in Chinese companies needed to be handle with a lot of care. Those words never leave me because I was absolutely fascinated by China economy of the time. I still have the same fascination. But I do not invest in anything related to China for the reason that the regulation is not the same. It’s already risky enough to invest, why should you add another risk by investing overseas? That’s why I am mostly Canadian oriented when it come to investment.

Anyhow, today, a very sad story came out about a company that I never really notice before: Sino-Forest Corp. (TRE). Despite investing in stocks, I am in a way very conservative in my investments. I am not very attract to the big shinny names who are extremely well-rank by analysts. Personally, the only analysts I trust are Derek Foster (the guy who stop working) and SP Brunner (a well established blogger). I never lost anything by following those 2. Brunner is quite modest, saying in her stock reviews that they are not stock recommendations but hey, when you read her hot stuff about K-Bro Linen Inc. (KBL), per example, is that really anything else that would do than just invest in the company after reading her review? :0)

Anyhow, until recently, Sino-Forest Corp. (TRE) was performing extremely well, its value had gone from a 5$ to a 20$+ very quickly. It was the darling of everyone... Until someone of the name of Carson Block arrived in the show. Carson Block is a good looking 35 years, gangsters rap fan and a trained lawyer (got the portrait?) who declared that Sino-Forest Corp. (TRE) does not have real trees and that the company is not operating a real business. That might be true, but investors will have to do a trip in China to see for themselves if Carson Block declarations are true of false, because Sino-Forest Corp. (TRE) operates in China only... That Sino-Forest Corp. (TRE) operates a real business or not has any incident for me. I am not an investor of Sino-Forest Corp. (TRE). So why do I care?

Well, this incident surrounding Sino-Forest Corp. (TRE) shows the importance of diversification inside a portfolio. On the stock market, everything and anything can happen. I received bad comments in different occasions, saying that my portfolio is too complex, too bizarre, too diversify. Investing is not necessarily easy and in the investment game, diversification is your best friend.

I once got a French comment post here in this blog saying that investing in 10 companies should be enough. I never respond to the comment, but my way to see investment is this: enough is never enough. My investment portfolio will never be perfect; it will never be diversified enough. I always have in mind another guy, also good looking lol, Jean-François Tardif, ex hedge fund manager who, while being on top of his game, was managing more than 50 companies inside his hedge fund.

Ok, a hedge fund is a fund of millions of dollars, but it doesn’t change the fact that to be successful, diversification is needed. And I think that for a small portfolio like mine, the more it’s diversify, the better my chances are to increase my net worth. That’s personally the way I think.

Now, why should investors risk their hard earned money in companies like Sino-Forest Corp. (TRE) when they can get something so much better in Canfor Pulp Products Inc. (CFX), a BC based company?

I had been holding CFX for a little while. My investment grow of more than 400$ in just a couple of months. Canfor Pulp Products Inc. (CFX) is in the same sector as of Sino-Forest Corp. (TRE). Both companies have interest in engineered-wood products. Sino-Forest Corp. (TRE) does not pay any dividend. On May 20, 2011, I celebrated Canfor Pulp Products Inc. (CFX) first dividend distribution as a corporation.

Not that I want to say here that Sino-Forest Corp. (TRE) is not a good investment, but there always a way to get the best for your bucks right here in Canada. Inside my investment portfolio, Canfor Pulp Products Inc. (CFX) had been among my top performers. Investors need to get to know CFX the way I did to appreciate the power of the stock.

The pros and cons of opening a margin account with online commodity broker TD Waterhouse

When I first open my broker account at TD Waterhouse in 2008, I didn’t apply at the time for a margin account, just a regular cash account. It’s only in December 2010 that I decided to bring in margin to my broker account. At the time I open my margin account, my non registered Canadian stock portfolio had a value of over 72 000$. The 72 000$ portfolio brought in 43 653.66$, 60% value of my non registered portfolio value. In the following, I will try to explain the pros and cons of a margin account, for what I had experimented so far.

What’s a margin account?

A margin account is cash generate on the value of the investment portfolio. In my case, a 72 000$+ portfolio value had generated a 43 653.66$ margin account. You can see a margin account as money that the bank borrows you according to the value of your portfolio, perfect to trade commodities online.

A margin account can only be hold outside a register account, outside a RRSP and TFSA. A margin account can be hold in Canadian and US dollars, as long as it’s non registered, there’s no problem. Both of my Canadian and US non registered account have the margin account in.

The pros of a margin account

A margin account brings more flexibility in the way an investor can handle its investments. As for my part, my margin help me to extend my portfolio and invest in different companies that, if it wouldn’t be for my margin, I wouldn’t have been able to invest in. In my case, margin bring in diversification to an existing already diversify portfolio.

Say hello to extra cash!

A margin account does also bring in extra cash. The cash generate by the margin account can be use at any purposes. It can be withdraw or transfer to a credit line or credit card as payment.

Low interest rate: 4.25% at TD Waterhouse

Currently, the interest rate on my margin account is of 4.25%. This means that the interest I pay on the money I borrow from the margin is of only 4.25%. Nice!

Margin account as credit solutions: no minimum payment is required

A margin account is not like a credit card or a credit line. Interest money is being add to the money that been borrowed on the margin every month, but no minimum payment on the margin account is required, as long as the broker account is in good standard.

The cons of a margin account

The money available on the margin account is as volatile as the portfolio you hold. This mean that the money generates by the margin will vary on a daily basis.

The risk of a margin call

If on a certain day, your portfolio loses a lot in value, it could significantly decrease the value of the margin account. Such case could result in a margin call. A margin call is when your broker calls you to say: hey bro, you own money on your margin account! Simple is that.

Bye bye stocks!

But here’s the tricky part: in case of an extreme situation, it could happen that the broker, at its own discretion, decide to sell some of your assets to cover the money borrow on the margin. TD Waterhouse had been very clear on that part. By extreme situation, we could imagine something similar to the 2008 stock market crash. It happens in 2008, and it could happen again. Such eventuality needs to be taking into consideration and it’s something you should always keep in mind while borrowing money on a margin account. The risk is always there and exists; no matter how strong can appear your investment portfolio.

For that reason, use part of the margin account money, not more than 30%-40%, to pay off some debt could be a good solution. In case of an emergency, funds can quickly return on the margin account. And of course, ultimately, paying off debt using real cash instead of margin account money would be the best solution of all.

So far, I had been lucky with my investment choices and I never got stuck in a situation where I absolutely needed to sell my assets in order to cover the margin account. But never say never. I am currently using 41 000$ of my margin account money. 5 000$ went to pay a credit line, the rest had been invested. This mean that I am playing 36 000$ on money that is not really mine and I that I don’t physically hold in real cash. Dangerous? Yes, it is. But knowing where the money is, I don’t have any fear, but I certainly know I cannot go deeper on my margin account usage.

For that reason, I am currently following the stock market on daily basis. I had in many occasions used my margin money on “day trading”. Making quick gain on money that I don’t have had been too tempting. I did some day trade, made a bit of profit. The overall experience had satisfied my taste of danger and I won’t be day trading on margin anymore. Persistence could make me loss all I had build so far. Sometimes, experiences are required to understand what really mean to have a net worth of more than 80 000$.

It takes some dangerous experience to be able to appreciate. 80 000$ is not a million, but I am not running for the million either. On the long run, a 100k will be as fine as a million. It doesn’t take me more to be happy, just to know I have money to quit my job whenever I want and go job free for a little while if I really want to: the feeling is priceless. But of course, that won’t happen now. Especially not now.

One last thing: if considering margin account, never use it fully. Maximizing a 30% usage should be more than enough. Remember that money is not yours and, despite being monopoly money, it’s real money that your discount futures broker may request you one day to pay off.

Is that it? DNI Metals. Inc. (DNI) to start an important nickel production in 2015... or not?

Robert Gibbens, a freelancer for the Montreal Gazette had reported some terrific news for our DNI Metals. Inc. (DNI)... In an article title Dumont nickel project slated for 2015 startup posted on June 7, 2011, Gibbens provides a good overview of what the upcoming months will be for DNI Metals. Inc. (DNI).

During last week, for the moment DNI Metals. Inc. (DNI) reached the 40 cents per stock, I regret not selling. I had to say goodbye to a 400$ profit. I didn’t know at that time, but I now know. I did not sell my investment hold in DNI Metals. Inc. (DNI) because Dumont nickel has an important project on its way, somewhere in the northeast of Rouyn-Noranda. You must read the article. Interesting, but however, it’s not exactly clear if the project is related to DNI Metals. Inc. (DNI). In the article, Gibbens never used the exact and full company name of DNI Metals. Inc. (DNI). So when it come to that “Dumont nickel” name in his article, it’s not 100% sure that the article concern DNI Metals. Inc. (DNI). But it’s probably is... or not?

Royal Nickel Corp. (RNX) and DNI Metals. Inc. (DNI)?

Also, I don’t quite understand the relation between Royal Nickel Corp. (RNX) and DNI Metals. Inc. (DNI). The Globe and Mail also report on Royal Nickel Corp. (RNX). In the article, the Globe mentions Dumont nickel as well, but never DNI Metals. Inc. (DNI)... this is quite confusing because before, DNI company name was Dumont Nickel Inc. (DNI)...

Very very confusing! In their Web site, DNI Metals. Inc. (DNI) only name one property located in Quebec province: their Louvicourt Property. Louvicourt is involved in diamond and DNI doesn’t seem to be very involved in it, meaning nothing new had emerged recently from this project.

After reading and reading again all of the articles above, I came to the conclusion that DNI Metals. Inc. (DNI) is probably not involved in any Royal Nickel Corp. (RNX) project after all. I know, confusing.

Yellow Media Inc. (YLO): what’s going on?

Well, to this question, I could answer by using Linda McCurdy, President and Chief Executive Officer of K-Bro Linen Inc. (KBL), own words: “In order to be successful, a company must have a vision.” (K-Bro Linen Inc. (KBL) Annual Report 2010, p. 6). What seem to be happening in the case of Yellow Media Inc. (YLO) is that their lack of vision for the long run had literally killed their stock.

Until recently, I was a proud shareholder of Yellow Media Inc. (YLO). On May 3, 2011, I made the painful decision to sell my shared of Yellow Media Inc. (YLO) at 4.65$. In the selling adventure, I had lost 300$ of the dividend money reinvested in the DRIP. So I had been lucky enough to not actually lose my original investment (in real money coming from my very own pocket).

In 2009, I was a young investor and YLO high dividend yield of more than 10% was extremely attractive. YLO stocks (at the time, they were units under a .UN ticket) were cheap. That’s how I decided to invest 2 224.47$ in Yellow Pages. From 2009 until May 2011, I had enjoyed YLO high dividend. And of course, the dividend was reinvested each month to provide me more shares.

On May 3, 2011, I decided to sell the totality of my holding in Yellow Media Inc. (YLO) for a market value of Yellow Media is of 2 602.56$. In this sell, I had loss 305.46$. A 305.46$ coming in from the reinvestment of the dividend earn each month. I attempt to focus on this part not to be too much disappointed. It’s summer after all and really soon I will be turning 31...

Anyhow, this being said, since May 3, 2011 YLO stock continuously lost some important value and it’s seem like it’s not over yet. Currently, today on June 7, 2011, 12:40pm, Yellow Media Inc. (YLO) is trading at 3.36$. Despite the catastrophe, YLO high dividend yield of more than 18% (as shown in the trading information provided by TD Waterhouse) remains.

While facing my own stupidity for dividend hunger, my best recommendation for you would be to hold YLO is you did not sell before because there’s a tinny little chance that the stock may go up to 4$.

The temptation of investing in high dividend yield companies provider only may be high, but must be avoid. A company that pay an 18% yield cannot have an executive team who has a lot of common sense. It’s good to give, but a company need to have a cash flow and absolutely need to have good reserve to face difficulties and anything that could present among the way.

With all of my money invested in stock, I am certainly not a good example of what should be a good investment portfolio. Someone with common sense will have more than 550$ in savings in its banking account but there’s some temptation I cannot avoid. Like having everything on the stock market for example. Sexy and dangerous.

This being said, remember: always focus on high quality stock instead of dividend yield. Because in any cases, it take more than a 200 000$ investment portfolio to be able to live on dividend distribution. It takes a lot of money. And once you have the money, will you really gave up on your working live? Because in a way, not having a working life, is like not having a life at all, especially while being single. I guess it’s the girl in me who’s talking right now. This meaning if you are a single, rich and handsome man, don’t hesitate to write me an email ok?